press release

First Oil Operations Commence at Chad-Cameroon Oil Development Project

SAN RAMON, Calif., Jul. 28, 2003 -- ChevronTexaco Corp. today confirmed the achievement of first oil on the Chad-Cameroon Oil Development and Pipeline Project and the startup of pipeline fill activities.

Production of approximately 225,000 barrels per day is anticipated when central treating facilities and drilling operations are completed. ChevronTexaco is a 25 percent partner in the project consortium.

"This is a tremendous achievement for the people of Chad and Cameroon, as well as the project partners," said George Kirkland, president of ChevronTexaco Overseas Petroleum. "As a company, we are making significant investments in Africa and view the Chad Cameroon Development Project as one of many components of our African growth strategy."

Completed one year ahead of schedule, the pipeline will transport landlocked oil 660 miles from the Bolobo, Miandoum and Kome oil fields, near Doba, in southern Chad, through eastern Cameroon and on to an export terminal facility at Kribi, Cameroon in the Gulf of Guinea. There the oil will be trans-shipped from a floating storage and offloading (FSO) vessel, located seven miles offshore, for export to world markets.

ChevronTexaco's partners are ExxonMobil subsidiary Esso Exploration and Production Chad Inc. (operator, with 40 percent) and Petronas (35 percent). Project construction began in October 2000.

To celebrate first oil, project inauguration ceremonies will be held in Chad in late September and in Cameroon in late October.

Cautionary Statement Relevant to Forward-Looking Information for the Purpose of "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995.

This news release contains forward-looking statements about the Chad-Cameroon Oil Development and Pipeline Project. The statements are based on management's current expectations, estimates and projections; are not guarantees of future performance; and are subject to certain risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. Among the factors that could cause actual results to differ materially are the actual production from the fields in Chad and Cameroon; potential disruption or interruption of the company's production, pipeline or export facilities due to accidents, severe weather or war; local political events and general economic conditions. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, ChevronTexaco undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Updated: July 2003